Coinbase Surges Ahead: Crypto Lobbying Expenditure Skyrockets
CryptoNewsTerminal Staff05 Sep, 2024
Coinbase Surges Ahead: Crypto Lobbying Expenditure Skyrockets
Coinbase Leads US Crypto Lobbying with a Staggering 3,475% Spending Increase Cryptocurrency exchange Coinbase has witnessed a remarkable 3,475% surge in its lobbying expenditures over the past seven years. In 2017, Coinbase allocated a modest $80,000 towards lobbying efforts, which has since escalated to an impressive $2.86 million in 2023. Ripple Labs, the company behind XRP, has also significantly increased its lobbying spending by 1,780% during the same period. In 2017, Ripple spent $50,000 on lobbying, a figure that reached $940,000 in 2023. Other prominent players in the crypto industry, such as Binance.US and Tether (USDT), are also making substantial investments in lobbying efforts in the United States. These increased lobbying expenditures reflect the growing influence of the cryptocurrency industry and its efforts to shape regulatory policies. As the crypto market continues to evolve and mature, it is expected that lobbying activities will further intensify in the coming years.
